Seattle Condo Market’s Moment of Truth this Summer

More than 235 condos at the big Insignia project under construction in downtown Seattle have been pre-sold, but what people are paying has not been disclosed.

That will change this summer when a representative of the Insignia project says sales in the 41-story project – which is about four blocks from the Space Needle – will officially close. At this point, the sale prices very likely will become a matter of public record.

High prices are expected to set off a frenzy of condominium construction similar to the last boom, which fizzled in 2008 when the Great Recession reached Seattle. At the time, there were nearly 2,375 new condos for sale or in some state of development. About a third of those units were converted to apartments, and condo prices in some of the remaining ones were slashed.

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